Message to NY Fed: There's reason for optimism in the Tier

Tom Tranter, president of Corning Enterprises, foreground, and New York Federal Reserve Bank President William Dudley at the Binghamton University Wednesday morning, July 6, 2016. Dudley was on the second day of his tour of the Binghamton region, soliciting a wide range of view on the economic challenges faced by the region.(Photo: Jeff Platsky/Press & Sun-Bulletin)

Rather than look back and mull about what might have been, it is time for the region to begin a forward-looking approach and embrace cutting-edge research at the region's universities and industries as a way to jump-start a lagging economy, say those directing the Southern Tier's economic fortunes.

University and industry representatives told New York Federal Reserve President William Dudley on Wednesday that despite numbers indicating a Southern Tier economy still in a lull from the 2008 recession, there is reason for hope.

On the second day of his Southern Tier tour, Dudley, among the most powerful figures in global finance, sought a diverse range of views on the state of the Southern Tier economy. In an early morning meeting, he met with Binghamton University, Cornell University and Corning who gave him an overview of research that could be commercialized and eventually create home-grown entrepreneurial efforts fueling job growth. He also met with Broome County government representatives later in the day and was scheduled to have sessions with members of the local nonprofit community and the energy sectors.

Tom Tranter of Corning Enterprises emphasized the company's major research and development efforts in fiber optics and other glass applications, while members of the Binghamton University research team held out hope that their efforts in flexible circuits and efficient battery applications could yield results that will provide meaningful economic growth in the Binghamton, Elmira and Ithaca region.

"The recovery won't happen overnight but we're poised to have a unique competitive advantage," said Mary George Opperman, human resources chief and vice president of Cornell University.

The story line delivered on Wednesday was in stark contrast to the message that came across during a meeting with members of the Binghamton business community on Tuesday who spoke of the significant challenges the regional economy faces. Among them was a workforce shortage caused by declining population, a regulatory environment that stunts business growth, and hurdles that must be overcome in a state economic development program hopelessly tangled in red tape.

Rather, those gathered at Wednesday session said the private-public partnerships have turned pessimism into optimism, giving the region reason for a positive outlook.

For his part, Dudley said he left Wednesday morning’s session with the sense that the region has identified its strengths and appears ready to move forward, leaving its rich industrial legacy in the dust heap.

He offered the New York Federal Reserve Bank’s vast network in assistance to those formulating the plan for an economic resurgence.

“Keep interest rates low,” Tranter said.

The visit by the Federal Reserve may have been prompted, in part, by a dour assessment of the Southern Tier economy delivered by bank staff last August in which job loss statistics rivaled the other problem economy in the New York Fed’s region, Puerto Rico.

Dudley said more recent reports indicate that job losses have stemmed, and may be finally poised for a recovery after lagging the nation for more than five years.